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Home Business News

Nigeria flags off post crude oil era with rail investments

Chris Pemu by Chris Pemu
August 18, 2017
in Business News
Nigeria flags off post crude oil era with rail investments
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In an effort to diversify the economy of Nigeria as it is now in the post crude oil era, the Federal Government has approved the contract for the repair of the Ajaokuta Itakpe rail line. Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this at a press briefing recently in Abuja.

He said the contract which was costed to include all taxes at the prevailing Central Bank of Nigeria’s exchange rate of $1 to N305 is $122,616,582. The 15-month contract will include the completion of 12 rail stations.

There is also a plan to build a second railway line connecting Lagos and Kano. This is part of the key projects of the Economic Recovery and Growth Plan presented by President Muhammadu Buhari in March. The 1,100 kilometre line will convey both passengers and goods. The Federal Government also intends to construct another rail line that will connect Lagos state to the Eastern city of Calabar.

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The new rail ways being handled by the China’s Civil Engineering and Construction Company (CCEC) have been projected to cost $20bn. It will be funded majorly by the Export-Import Bank of China which has paid $5.9bn so far and is expected to be completed by 2019.

Lai Mohammed also said that at the moment, the General Electric Company is revamping Nigeria’s 3,505 kilometres narrow-gauge railway linking the coastal cities of Port Harcourt and Lagos with the North.

He further disclosed that the council also approved a ‘letter of comfort’ to the General Electric for concession of the narrow gauge railway system.

“This is part of the efforts to rehabilitate the 30,000km narrow gauge lines so that we can use it to start hauling goods, which means that with effect from October this year, there will be new locomotives, about 17 wagons that will be in use.

“This way, we will be able to remove at least a million tonnes of goods from our roads,” said Lai Mohammed.

He further disclosed that the Minister of Transportation, Hon. Rotimi Amaechi had sought the approval of the council seeking for a letter of comfort so that by October this year, the country would be able to begin the full utilisation of the Lagos-Kano narrow gauge, Calabar, Port Harcourt, Maiduguri line.

The rehabilitation of the railway will solve transportation problems suffered by industries in Nigeria and thus pave way for economic growth.

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Tags: Ajaokuta Itakpe rail lineChina’s Civil Engineering and Construction Company (CCEC)Economic Recovery and Growth PlanGeneral Electric CompanyHon. Rotimi AmaechiLai MohammedNews Review

Comments 1

  1. Xanthos says:
    August 19, 2017 at 10:48 am

    what of south east?

    Reply

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